Stratic Shareholders Approve Plan of Arrangement

 

TIDMENQ TIDMSE. 
 
RNS Number : 4915V 
EnQuest PLC 
02 November 2010 
 

Not for release, publication or distribution, in whole or in part, in or into or 
from Australia, Japan or any other jurisdiction where to do so would constitute 
a violation of the relevant laws of such jurisdiction 
 
                   EnQuest PLC Announces Stratic Shareholder 
                    Approval of Proposed Plan of Arrangement 
                                2 November 2010 
 
Independent oil and gas production & development company, EnQuest PLC 
("EnQuest") announced on 3 August 2010 that it had entered into a plan of 
arrangement (the "Arrangement") to acquire all of the issued and outstanding 
shares of Stratic Energy Corporation ("Stratic") on the basis of 0.089626 of an 
EnQuest share for each Stratic share. 
 
Today EnQuest notes Stratic's announcement of the results of its special meeting 
held today, in which it reports that Stratic's shareholders approved the 
Arrangement. 
 
Stratic has stated that it will apply to the Supreme Court of Yukon for a final 
order approving the Arrangement at a hearing scheduled for November 4, 2010.  If 
the final order is granted and all other conditions precedent are satisfied or 
waived at such time, Stratic expects that the Arrangement will be completed and 
become binding upon all Stratic shareholders on or about November 5, 2010.  If 
the Arrangement becomes effective all Stratic shareholders will become 
shareholders of EnQuest and Stratic will become a wholly owned subsidiary of 
EnQuest. 
 
The full text of the Stratic announcement is available electronically on SEDAR 
at www.sedar.com and currently also on the Stratic website at 
www.straticenergy.com. 
 
Ends 
 
For further information please contact: 
 
EnQuest PLC 
            Tel: [phone] 
Amjad Bseisu (Chief Executive Officer) 
Jonathan Swinney (Chief Financial Officer) 
Michael Waring (Head of Communications & Investor Relations) 
 
 
Finsbury 
                Tel: [phone] 
Andrew Mitchell 
Conor McClafferty 
 
Notes to editors 
 
EnQuest Background 
 
EnQuest PLC (www.enquest.com) is an independent oil and gas production and 
development company focused on the UK Continental Shelf ("UKCS").  Its assets 
include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. 
 Gaffney, Cline & Associates ("GCA") certified that as at 1 January 2010, 
EnQuest's assets had total net proved plus probable oil and NGL reserves of 
80.5MMBbl.  As at 1 January 2010, GCA has also net certified oil and gas best 
estimate (2C) contingent resources for individual assets.  The aggregate of the 
oil 2C contingent resources on an unrisked basis is 67.5MMBbl, and of the gas 
contingent resources is 30.6Bcf (See Note 1 below.) 
 
On 6 April 2010, EnQuest was formed from the demerged UK North Sea assets of 
Petrofac Limited and Lundin Petroleum AB.  EnQuest was admitted to trading on 
both the London Stock Exchange and the NASDAQ OMX Stockholm.  On listing, 
EnQuest PLC went into the FTSE 250 index and OMX Nordix Index.  Its assets 
include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields. 
 It has interests in 16 production licences covering 26 blocks or part blocks in 
the UKCS, of which 15 licenses are operated by EnQuest. 
 
EnQuest believes that the UKCS represents a significant hydrocarbon basin in a 
low-risk region, which continues to benefit from an extensive installed 
infrastructure base and skilled labour.  EnQuest believes that its assets offer 
material organic growth opportunities, driven by exploitation of current 
infrastructure on the UKCS and the development of low-risk near field 
opportunities, rather than exploitation of high-risk exploration opportunities. 
 
EnQuest intends to deliver sustainable growth in shareholder value by focusing 
on exploiting its existing reserves, commercialising and developing discoveries, 
converting its significant contingent resources into reserves and pursuing 
selective acquisitions.  EnQuest is focused on increasing production from its 
existing assets in its core hub areas. It believes that it has excellent 
operational, execution, subsurface and integration skills and it seeks to become 
the development partner of choice in the UKCS. 
 
EnQuest believes that it has the technical skills, the operational scale and the 
financial strength to achieve its objectives and to take advantage of the 
production and development opportunities in the UKCS. 
 
Note (1) GCA warns that there may be a significant risk that accumulations 
containing contingent resources will not achieve commercial production and that 
it is inappropriate to aggregate contingent resources. 
 
Please note that EnQuest PLC is not in any way related to or affiliated with 
EnQuest Energy Services Corp. 
 
Stratic Background 
 
Stratic is a Canadian incorporated oil and gas company currently focused 
primarily on the UK North Sea. Its shares are currently listed on the TSX 
Venture Exchange (ticker "SE") and the AIM market of the London Stock Exchange 
(ticker "SE"). 
 
 Stratic has a 19% interest in licence P.209 covering Block 9/28a which 
contains the Crawford field (4.93MMBoe net 2P reserves) and 17.25% interest in 
the West Don oil field (2.34MMBoe net 2P reserves), which EnQuest operates and 
in which it already has a 27.7% working interest. 
 
Stratic also has interests in other parts of the UK North Sea (including the 
Cairngorm and Bowmore discoveries), in the Dutch sector of the North Sea 
(Horizon West) and in its smaller residual interests in Slovenia and Morocco. 
 
Over the last year Stratic has been implementing a disposal programme of its 
non-core assets outside the UKCS. In April 2010, it completed the sale of its 
Italian business for a cash consideration of EUR33.0 million.  On May 7 2010, 
Stratic announced that it had reached agreement for the sale of its Turkish 
business for a cash consideration of $3.45 million. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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